According to Zillow.com, nearly a quarter of home sellers dropped their asking price in May, though the size of their price reductions were slightly smaller than the month before. The median price cut was 6.2 percent, down from 6.3 percent in April. But despite favorable affordability and historically low interest rates, May’s housing reports are expected to show a severe drop off in sales. Lawrence Yun, chief economist with The National Association of Realtors, has estimated that home sales could be down as much as 30 percent from a year earlier and expects continued weakness through the summer months. More here and here.

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